HUNTINGTON, W.VA. — Cooper Commercial Investment Group has negotiated the $2.7 million sale of a shopping center in Huntington. Dollar Tree anchors the retail center, which is located six blocks from Marshall University and adjacent to St. Mary’s Medical Center hospital. Dan Cooper of Cooper Commercial’s Cleveland office represented the seller, a private investment firm based in the Midwest, in the transaction. The undisclosed, privately held buyer purchased the center at 93 percent of list price, according to Cooper Commercial.
NEW YORK CITY — New York City-based developer TF Cornerstone has begun leasing Malt Drive, a 1,386-unit apartment complex in the Long Island City neighborhood of Queens. The site is located within the 30-acre Hunter’s Point South mixed-use development along a new city street that was named as a nod to the site’s history as a sugar cane processing facility that later became a beer distribution center. The two-building development houses studio, one- and two-bedroom units and includes 25,000 square feet of retail space and a 3.5-acre public park. The South building at 2-20 Malt Drive rises 33 stories and features 575 units. The adjacent North building comprises 811 apartments across two towers at 2-21 Malt Drive. Thirty percent of units at both buildings will be set aside as affordable housing and will be leased at 130 percent of the area median income. Amenities include coworking space, children’s playrooms, lounges, fitness centers, shared laundry rooms, roof decks with barbecue grills, sundecks and courtyards. SLCE Architects designed the project. Rents start at $3,600 per month for a studio apartment.
HAMBURG, PA. — JLL has negotiated the sale of a 518,140-square-foot industrial facility in Hamburg, about 80 miles northwest of Philadelphia. Hamburg Logistics Center features a cross-dock configuration, a clear height of 40 feet, ESFR sprinkler system, 185-foot truck court depths, 100 dock doors, four drive-in doors and speculative office space. John Plower, Ryan Cottone, Zach Maguire, Jeff Lockard and Paul Torosian of JLL represented the seller, a joint venture between Transwestern Development Co. and QuadReal Property Group, in the transaction. Chad Orcutt, Jon Mikula and Jim Cadranell, also with JLL, arranged acquisition financing on behalf of the buyer, Los Angeles-based PCCP LLC.
WALLINGFORD, CONN. — The Town of Wallingford, located in southern Connecticut, has purchased a 45,320-square-foot office building located at 4 Fairfield Blvd. The sales price was $4.1 million. The municipality plans to use 25,565 square feet of the building to house the offices of its board of education. Frank Hird of locally based brokerage firm O,R&L Commercial represented the seller, an entity doing business as CT Wallingford Realty Partners, in the transaction.
PHILADELPHIA — Entrepreneur Justin Meshberg has opened Silk Screen Studios, a 22,774-square-foot creative workspace in Philadelphia. The space is located within the former Process Screen Manufacturing building in the city’s Fishtown neighborhood and houses 57 workstations. Space range in size from 200 to 600 square feet and are equipped with high-speed internet, in-unit climate control options and app-controlled entrances. Members also have access to a bike room, package room and kitchenettes on each floor.
LONG BRANCH, N.J. — Locally based brokerage firm The Kislak Co. Inc. has arranged the $3.5 million sale of Morris Mews Apartments, an 18-unit multifamily complex located in the coastal New Jersey community of Long Branch. The two-story building was constructed in 1966 and houses 16 one-bedroom units and two two-bedroom units that were fully occupied at the time of sale. Daniel Lanni of Kislak represented the seller and procured the buyer, both of which were limited liability companies, in the transaction.
CHICAGO — JLL Capital Markets has arranged the sale and acquisition financing of The Parker, a 29-story luxury apartment tower in Chicago’s Fulton Market district. The sales price was $93.3 million, according to Crain’s Chicago Business. Developed by Atlantic Residential, Shapack Partners and Focus Development in 2016, the 227-unit property features panoramic views of downtown Chicago. Units range from studios to three-bedroom layouts. Amenities include a fitness center, yoga studio, rooftop pool, clubroom, work-from-home space, outdoor dog run, indoor dog wash, private parking garage, package concierge system, dry-cleaning pickup lockers and bicycle storage. The property is located at 730 W. Couch Place, steps from the Randolph Street Restaurant Row. Kevin Girard, Mark Stern, Zach Kaufman, Jennifer Hull and Colleen Watson of JLL represented the seller, institutional investors advised by J.P. Morgan Asset Management and Atlantic Residential. Danny Kaufman, Matthew Schoenfeldt, Medina Spiodic, Mary Dooley, Rebecca Brielmaier and Yougsoo Yang of JLL arranged a fixed-rate, five-year acquisition loan through Northwestern Mutual Life on behalf of the buyer, JDL Development.
CHICAGO — Nassimi Realty, a New York-based real estate development company, has purchased Joffco Square, a 100,000-square-foot retail center in Chicago’s South Loop. The purchase price was $9.2 million. Located at 555 W. Roosevelt Road, Joffco Square is anchored by Best Buy and shadow anchored by Home Depot. The property features a two-story covered parking garage. The seller, Pine Tree, had purchased the asset for $27 million. Nassimi is working with national retailers to address vacancies at the center.
NEWARK, OHIO — Vista Residential Partners has broken ground on Trailhead Vista, a 308-unit apartment community in Newark, about 40 miles east of Columbus. The 15.6-acre project is situated at the northeast corner of West Main Street and Thornwood Drive along the Thornwood Corridor Employment Hub (TECH), which is comprised of five industrial parks totaling over 1,600 acres. Designed by Columbus-based ArchAll, the garden-style community will offer a mix of one- and two-bedroom units averaging 862 square feet. Amenities will include a clubhouse, pool, fitness center, central green area and pet park. Trailhead Vista will also offer access to the TJ Evans Trail, a 14.2-acre trail connecting Newark to Johnstown. Parse Capital, Icarus Capital and Old National Bank provided financing for the development. Krevolin & Horst LLC represented Vista Residential Partners.
WASHINGTON TOWNSHIP, MICH. — The Salvation Army has signed a 13,065-square-foot retail lease on Van Dyke Avenue in Washington Township, a northern suburb of Detroit. The charitable organization will take occupancy in June and is relocating from across the street. Gary Grochowski and Bryan Barnas of Colliers represented the undisclosed landlord, while John Lominack and Michael Bennett of Colliers represented the tenant. The Salvation Army operates nearly 8,000 locations across the U.S.